In the vast variety of cryptocurrency exchanges it is necessary to move with great caution, since it takes very little to fall victim to a scam site or a site created with the sole purpose of accumulating money and disappearing into the abyss. Fortunately, there are also serious sites with important economic realities behind them, so as to provide a greater guarantee when it comes to cryptocurrency exchange.
In the following paragraphs we’ll look at such platform, examining how the CoinSmart site works. This is one of the most popular exchanges for buying Bitcoin or any other cryptocurrency so let’s take a look into it!
What Is CoinSmart?
Coinsmart is a Toronto-based cryptocurrency exchange service founded by Justin Hartzman and Jeremy Koven, who previously worked at digital marketing agency Needls and brokerage service WeSellYourSite. Hartzman is the co-founder and CEO of the project and holds a BA in Management and Organizational Studies from Western University and Koven helped the growth of the platform by using his background in finances.
Their goal with CoinSmart is to offer an exchange site that is simple to use but with all the tools necessary to buy and sell cryptocurrency in complete safety, completed by a modern interface within the reach of even novice users.
CoinSmart: How Does This Exchange Work
CoinSmart offers a very simple and intuitive platform to use, built to give full access to all levels of investors. The buy or sell interface comes with a neat design, ideal for first-time users of a cryptocurrency exchange site. For more experienced users, the advanced interface is available with charts, live positions, and tools to automate sales and purchases based on the thresholds we intend to reach.
Traders with a lot of experience can also access Over-The-Counter (OTC), aimed at large companies and individual users who intend to buy or sell orders with a value greater than or equal to 25,000 US dollars. In this case, you will get exclusive benefits with access to discounted rates and optimized prices based on the size/volume of the order.
Whatever trading is chosen, with CoinSmart you can count on an advanced level of assistance: thanks to its SmartSupport services it is possible to obtain multi-channel support 24/7, with a support team that can be reached through e-mail, phone call or live chat.
For those who always want to carry their account with them, they can also take advantage from the CoinSmart app, currently only available for iPhone devices and downloadable directly from the Apple App Store.
How to Register and How to Pay For Your Crypto
On a simple and immediate exchange site such as CoinSmart, the registration process is also facilitated to the maximum, thanks to the possibility of making an instant verification through Equifax. Anyone who wants to use this platform can be verified and start trading within minutes of registering.
To create an account on CoinSmart simply follow the steps below:
First go to the CoinSmart homepage and click on Create an Account at the top. From there:
- Fill in all the required fields, paying particular attention to the chosen email address and the country of residence
- On the next page, enter a username and choose a password, then click on Sign up
- Verify the authenticity of your email address by entering the code the platform has sent you
- Enter your phone number and verify it by the SMS code received
- If the Equifax verification system successfully identifies you, you are ready to immediately buy new cryptocurrency or trade. If the automatic verification does not work, the site will ask you to upload a double-sided copy of your ID, and only after this verification (which can last a few hours) you will be able to buy cryptocurrencies on the account.
What Cryptocurrencies Does the Exchange Support?
Currently among the available cryptocurrencies for trading on CointSmart are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Cardano (ADA)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- Dash (DASH)
You can see available the most followed cryptocurrencies at the moment (such as Bitcoin, Ethereum, and Cardano) flanked by other emerging cryptocurrencies but which have already achieved price goals. The CoinSmart team promises to add new cryptocurrencies as soon as an opportunity arises, so they can expand their investment portfolios in the future.
Costs and Commissions at the Exchange
The CoinSmart platform supports bank transfers for withdrawals and deposits, applying commission costs that vary according to the amount deposited.
With a deposit equal to or greater than $2,000 there is no commission, while for all deposits from $100 to $1,999 the commission is 1.5%. On the other hand, there are no commissions for withdrawals. As for the timing, the platform always promises maximum speed for account operations – with the transfer, it is possible to get the money deposited on the same day of the deposit, while for withdrawals it is necessary to wait 1-5 working days.
As an alternative it is possible to connect a credit card or a debit card to the account for deposits, but the commissions are higher: up to 6% on each transaction, with the advantage of having the sum credited to the account immediately, therefore without waiting.
The credit card cannot be used for withdrawals, which must therefore always be done by bank transfer. If you want to move cryptocurrencies, you can also use the Electronic Funds Transfer (ETC), which allows you to move your cryptocurrency wallet to another site with a 1% commission, with a wait of up to 5 days for completion.
Unfortunately, at the time of writing, support for PayPal, one of the most popular payment systems among young traders, is completely lacking.
Is CoinSmart a Reliable Platform?
CoinSmart has proven over the years to be a very safe site to invest your money on. This company is in fact registered with FINTRAC, so all of its security protocols and systems comply with Canadian regulatory standards and provide documentation every year to maintain its license to operate on the market.
CoinSmart is also supported by a registered Canadian bank, so as to always be able to guarantee the capital at stake and always be able to withdraw without nasty surprises (which is still common on little-known exchange sites, which often operate without a license and without any bank guarantee behind them).
Is CoinSmart Safe?
From the point of view of security, CoinSmart is certainly one of the best sites on the market, given that the wallets of each individual user are stored via cold wallets, minimizing the presence of private keys on the Internet.
For the uninitiated, the cold wallet is the most used security practice with Bitcoins, to prevent someone from stealing them: with it, the cryptocurrencies stored in the wallet are copied to an external physical medium (similar to a USB flash drive but in the case of the site entire disks on the network) and disconnected when not in use, so that no one can access our wallet when we are not online on the site.
Alongside this security system, all the other systems seen on similar platforms are provided, among which the two-factor authentication system (2FA) certainly stands out. With it it will be possible to protect our account with an additional code to be entered at the time of login – this code is generated on your phone when you try to access, so as to prevent someone with the username and password from accessing in our place and steal cryptocurrencies.
CoinSmart overall seems like a good site to buy and sell cryptocurrency. The simple interface will help novice users with cryptocurrencies a lot, while advanced users will appreciate the sections dedicated to them, with the possibility of making large investments.
Security is at the highest levels, with a two-factor authentication system and the storage of wallets in devices that go offline as soon as we log out, so as to avoid any possible theft. The only limits of this platform concern the supported payment methods: in the absence of PayPal, it is necessary to focus on bank transfers, also paying commissions for deposits made under a certain threshold.
A seasoned trader will have no problem using wire transfers to load the account, but a novice user could easily desist due to the lack of PayPal (even as a deposit method only). Deposit fees are in line with the competition, so that’s not an absolute flaw.
While we’ve listed the pros and cons of this platform, we can’t advise you whether you should trade crypto on it or not. Consider your personal needs, always put your safety first, and then make the right choice for your own situation.